Saudi Arabia Makes Record Oil Discount For Asia – 7 February 2015

RT logoSaudi Arabia, the world’s largest crude exporter, has cut its March oil prices to Asia by 90 cents – the largest discount in at least 14 years. Experts suggest the move is part of the country’s fight for global market share.

State-owned Saudi Aramco lowered its March official selling price (OSP) for Arab Light crude by 90 cents from February, the company said in a report e-mailed to clients on Thursday. The price for Saudi oil is now $2.30 a barrel less than for other major Middle East benchmark blends.

The company cut differentials on each of the four oil grades it sells to Asia, its largest consumer, and raised them by 15 cents to the US and from 70 cents to $1.15 to European countries, according to the statement.

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